Hello,
I would like to suggest a significant feature addition that I believe would be highly beneficial for many users, particularly those dealing with specific forms of credit transactions: a dedicated module or section for managing Notes Receivable and Notes Payable.
The Need:
Currently, Manager.io handles standard Accounts Receivable (from Sales Invoices) and Accounts Payable (from Purchase Invoices/Expense Claims) very well. However, in many business contexts, especially in certain regions or industries, transactions are often formalized using Bills of Exchange or Promissory Notes (commonly referred to as Notes Receivable, Notes Payable).
These financial instruments differ from standard invoices as they represent a formal, legally binding promise to pay a specific sum on a fixed future date, often involving potential interest, discounting (selling the note before maturity), or specific legal handling upon maturity or default.
While it’s possible to track these through custom accounts or journal entries, the current methods lack:
- A clear, centralized view of all outstanding notes and their maturity dates.
- Specific workflows for issuing, receiving, tracking status (due, paid, discounted, defaulted), and handling maturity.
- Dedicated reporting on notes receivable and payable aging, expected cash inflows/outflows based on maturity dates, etc.
Managing these manually outside the system or shoehorning them into existing general ledger accounts makes tracking cumbersome, increases the risk of errors, and doesn’t provide the necessary financial insights.
Proposed Functionality:
I propose adding two new sections or tabs, perhaps under “Customers” and “Suppliers,” or as separate top-level items:
- Notes Receivable:
- Ability to create a new Note Receivable, linked to a specific Customer.
- Fields to capture essential details: Note Number, Issue Date, Due Date (Maturity Date), Principal Amount, optional Interest Rate, reference to the related Sales Invoice (if any).
- Status tracking (e.g., Issued, Due, Paid, Discounted, Defaulted).
- Workflow to record receipt of payment upon maturity.
- Workflow to record discounting of the note with a bank.
- Ability to link payments received specifically to a Note Receivable.
- Notes Payable:
- Ability to create a new Note Payable, linked to a specific Supplier.
- Fields to capture essential details: Note Number, Issue Date, Due Date (Maturity Date), Principal Amount, optional Interest Rate, reference to the related Purchase Invoice/Expense (if any).
- Status tracking (e.g., Issued, Due, Paid).
- Workflow to record payment made for the note.
- Ability to link payments made specifically to a Note Payable.
Benefits:
- Improved Tracking: Centralized and organized management of all outstanding notes.
- Enhanced Reporting: Dedicated reports showing notes by maturity date, aging analysis, etc., providing better cash flow visibility.
- Increased Accuracy: Reduces reliance on manual tracking and journal entries for these specific instruments.
- Streamlined Workflows: Dedicated processes for handling the lifecycle of notes (issuance, payment, discounting).
- Better Compliance: Aligns with accounting practices in regions where these instruments are common.
- Greater Flexibility: Caters to businesses that rely heavily on formal credit arrangements beyond standard invoice terms.
Adding this feature would significantly enhance Manager.io’s capability for businesses using these common financial tools and make the software more comprehensive for a wider range of international users.
I would love to hear feedback from other users on whether this feature would be beneficial for them as well.
Thank you for considering this suggestion.